N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07959

Advisors Series Trust

(Exact name of registrant as specified in charter)

615 East Michigan St.

Milwaukee, WI 53202

(Address of principal executive offices) (Zip code)

Eric M. Banhazl

Advisors Series Trust

2020 East Financial Way, Suite 100

Glendora, CA 91741

(Name and address of agent for service)

(414) 765-5340

Registrant's telephone number, including area code

Date of fiscal year end: June 30, 2005

Date of reporting period: March 31, 2005

Item 1. Schedule of Investments.

High Pointe Select Value Fund
Schedule of Investments
at March 31, 2005 (Unaudited)
Shares	COMMON STOCKS: 89.7%		Value
	Building Products: 2.6%
4,750	York International Corporation	$	186,105
	Capital Markets: 3.6%
8,800	The Bank of New York Company, Inc.		255,640
	Commercial Services & Supplies: 11.7%
14,100	Cendant Corporation		289,614
5,150	H&R Block, Inc.		260,487
9,850	Waste Management, Inc.		284,172
			834,273
	Communications Equipment: 2.2%
43,750	3Com Corporation (a)		155,750
	Computers & Peripherals: 4.0%
12,900	Hewlett-Packard Company		283,026
	Consumer Finance: 3.5%
3,350	Capital One Financial Corporation		250,479
	Diversified Financial Services: 4.7%
7,450	Citigroup Inc.		334,803
	Electronic Equipment & Instruments: 2.6%
8,400	Agilent Technologies, Inc. (a)		186,480
	Food & Staples Retailing: 3.6%
4,800	CVS Corporation		252,576
	Health Care Providers & Services: 11.1%
3,950	Cardinal Health, Inc.		220,410
5,800	HCA, Inc.		310,706
7,200	Omnicare, Inc.		255,240
			786,356
	Hotels, Restaurants & Leisure: 3.1%
9,450	GTECH Holdings Corporation		222,359
	Insurance: 6.9%
3,700	The Chubb Corporation		293,299
2,700	XL Capital Ltd., Class A (b)		195,399
			488,698
	Internet & Catalog Retail: 3.8%
12,100	InterActiveCorp (a)		269,467
	Media: 8.9%
10,100	Comcast Corporation (a)		341,178
28,000	Liberty Media Corporation, Class A (a)		290,360
			631,538
	Pharmaceuticals: 3.6%
9,750	Pfizer Inc.		256,133

High Pointe Select Value Fund
Schedule of Investments
at March 31, 2005 (Unaudited)
Shares	COMMON STOCKS (con't.): 89.7%		Value
	Specialty Retail: 2.7%
6,950	Rent-A-Center, Inc. (a)	$	189,805
	Thrifts & Mortgage Finance: 11.1%
7,950	Countrywide Financial Corporation		258,057
6,200	Fannie Mae		337,590
3,000	Freddie Mac		189,600
			785,247
	TOTAL COMMON STOCKS (Cost $6,406,851)		6,368,735
	TOTAL INVESTMENTS IN SECURITIES		6,368,735
	(Cost $6,406,851): 89.7%
	Other Assets in Excess of Liabilities: 10.3%		728,384
	NET ASSETS: 100.0%	$	7,097,119
(a) Non-income producing security.
(b) U.S. traded security of a foreign issuer.

High Pointe Small Cap Equity Fund
Schedule of Investments
at March 31, 2005 (Unaudited)
Shares	COMMON STOCKS: 98.7%		Value
	Auto Components: 3.0%
850	Lear Corporation	$	37,706
	Biotechnology: 1.5%
450	Affymetrix, Inc. (a)		19,278
	Building Products: 3.9%
1,250	York International Corporation		48,975
	Commercial Services & Supplies: 6.5%
1,700	Bowne & Co., Inc.		25,568
1,950	Corinthian Colleges, Inc. (a)		30,654
550	United Stationers Inc. (a)		25,337
			81,559
	Communications Equipment: 6.3%
11,950	3Com Corporation (a)		42,542
950	Plantronics, Inc.		36,176
			78,718
	Computers & Peripherals: 2.6%
1,450	Cash America International, Inc.		31,799
	Electrical Equipment: 2.9%
1,400	American Power Conversion Corporation		36,554
	Electronic Equipment & Instruments: 3.5%
2,400	Avnet, Inc. (a)		44,208
	Energy Equipment & Services: 2.5%
1,250	Patterson-UTI Energy, Inc.		31,275
	Food Products: 4.0%
900	American Italian Pasta Company, Class A		24,660
2,300	Del Monte Foods Company (a)		24,955
			49,615
	Health Care Equipment & Supplies: 5.3%
550	IDEXX Laboratories, Inc. (a)		29,788
2,000	Wilson Greatbatch Technologies, Inc. (a)		36,480
			66,268
	Health Care Providers & Services: 8.4%
1,400	Omnicare, Inc.		49,630
450	Pediatrix Medical Group, Inc. (a)		30,866
2,850	WebMD Corporation (a)		24,225
			104,721
	Hotels, Restaurants & Leisure: 5.8%
2,550	Alliance Gaming Corporation (a)		24,454
2,050	GTECH Holdings Corporation		48,237
			72,691
	Household Durables: 2.0%
1,750	La-Z-Boy Incorporated		24,377
	Insurance: 3.4%
900	RenaissanceRe Holdings Ltd. (b)		42,030

High Pointe Small Cap Equity Fund
Schedule of Investments
at March 31, 2005 (Unaudited)
Shares	COMMON STOCKS (con't.): 98.7%		Value
	IT Services: 3.5%
4,950	BearingPoint, Inc. (a)	$	43,411
	Machinery: 3.9%
1,350	Briggs & Stratton Corporation		49,154
	Media: 4.4%
2,600	Cumulus Media, Inc., Class A (a)		37,050
1,050	The Readers' Digest Association, Inc.		18,175
			55,225
	Multiline Retail: 3.5%
3,650	Big Lots, Inc. (a)		43,873
	Savings Institutions, Federally Chartered: 3.1%
900	Westcorp		38,025
	Semiconductor & Semiconductor Equipment: 2.4%
4,550	Integrated Silicon Solution, Inc. (a)		30,485
	Software: 2.0%
1,800	Mentor Graphics Corporation (a)		24,660
	Specialty Retail: 7.4%
1,500	Foot Locker, Inc.		43,950
1,750	Rent-A-Center, Inc. (a)		47,793
			91,743
	Textiles, Apparel & Luxury Goods: 6.9%
1,100	Reebok International Ltd.		48,730
3,150	Tommy Hilfiger Corporation (a) (b)		36,855
			85,585
	TOTAL COMMON STOCKS (Cost $1,207,575)		1,231,935
	TOTAL INVESTMENTS IN SECURITIES		1,231,935
	(Cost $1,207,575): 98.7%
	Other Assets in Excess of Liabilities: 1.3%		15,914
	NET ASSETS: 100.0%	$	1,247,849
(a) Non-income producing security.
(b) U.S. traded security of a foreign issuer.

For certain federal income tax information, as well as other information regarding securities valuation and other significant accounting policies, please refer to the footnotes to the Funds’ most recent semi-annual or annual report.

Item 2. Controls and Procedures.

(a)   The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)   There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Advisors Series Trust                                                 

By (Signature and Title) /s/Eric M. Banhazl                                  

Eric M. Banhazl, President

Date May 26, 2005                                                                          

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)* /s/Eric M. Banhazl                                

Eric M. Banhazl, President

Date May 26, 2005                                                                          

By (Signature and Title)* /s/Douglas G. Hess                             

Douglas G. Hess, Treasurer

Date May 27, 2005                                                                          

* Print the name and title of each signing officer under his or her signature.

EX-99.CERT

CERTIFICATION

I, Eric M. Banhazl, certify that:

1.   I have reviewed this report on Form N-Q of Advisors Series Trust;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.   The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have or the registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   [Omit];

(c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)   Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.   The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 26, 2005	/s/Eric M. Banhazl
	Eric M. Banhazl, President

CERTIFICATION

I, Douglas G. Hess, certify that:

1.   I have reviewed this report on Form N-Q of Advisors Series Trust;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.   The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   [Omit];

(c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)   Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.   The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 27, 2005	/s/Douglas G. Hess
	Douglas G. Hess, Treasurer